NEW YORK ( TheStreet) -- The following stocks sank to 52-week lows on Monday: Research In Motion (RIMM), Best Buy (BBY), Nokia (NOK), Sohu.com (SOHU), Clearwire (CLWR), IAMGOLD (IAG) and Ivanhoe Mines (IVN).
Research In Motion
"Given our view around slower smartphone growth in the US, we lower our FY13/FY14 EPS estimates for RIMM by 2%/5% to $1.40/$1.38 respectively," Credit Suisse analysts wrote in a May 11 report. "Apart from near-term pressure on smartphone demand from US carriers, we see the situation at RIM continuing to deteriorate from both a competitive and product perspective. Only the potential for a sale of the company keeps us at Neutral rating."
Shares of Research In Motion hit a 52-week low on Monday of $11.55. The stock's 52-week high of $45.78 was set on May 19.Research In Motion trades at an estimated price-to-earnings ratio for next year of 6.51 times; the average for telecommunications equipment companies is 11.39. For comparison, Wi-LAN (WIN) has a higher forward P/E of 8.7. Thirty-two of the 53 analysts who cover Research In Motion rated it hold. Sixteen analysts gave the stock a sell rating and five rated it buy. The stock has fallen 18.9% year to date.
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